]> Press Release - Closed End Funds - FT Asset Allocation
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Franklin Universal Trust Reports Asset Allocation

From: Franklin Advisers, Inc.
Contact: Franklin Templeton Fund Information
Telephone:(800) 342-5236

San Mateo, CA, December 30, 2005 -- Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., today reported its portfolio composition, certain portfolio characteristics and NYSE closing price as of November 30, 2005.

Franklin Advisers, Inc., is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments.  Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams.  The San Mateo, CA-based company has more than 50 years of investment experience and over $453 billion in assets under management as of November 30, 2005.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION @ 11/30/05

SECURITY MARKET VALUE PERCENTAGE OF FUND1
Corporate Bonds $170,173,683 68.76%
Utilities Common and Preferred Stocks $65,234,895 26.36%
Natural Resource Common Stocks $2,234,719 0.90%
Misc. Common & Preferred Stocks $46,296 0.02%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $5,347,513 2.16%
Foreign Government Agencies $718,959 0.29%
Cash & Other Net Assets $3,746,363 1.51%
========================= ============ ============
Total Investments1,2 $247,502,428 100.00%
TEN LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND1
FPL Group $5,934,600 2.40%
Southern Co. $5,900,700 2.38%
Exelon Corp. $5,412,160 2.19%
Dominion Resources $5,316,500 2.15%
TXU Corp. $4,064,148 1.64%
Mexico Government $4,060,513 1.64%
Firstenergy Corp. $3,522,000 1.42%
Midwest Generation LLC $3,322,500 1.34%
Rhodia Sa $3,307,500 1.34%
UGS Corp. $3,285,000 1.33%
========================= ============ ============
Total2 $44,125,621 17.83%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND1
Atherton Franchise $22,003 0.01%
Century Communications $1,725,000 0.70%
PSINet $4,938 0.00%
========================= ============ ============
Total2 $1,751,941 0.71%
Note: The value of these defaulted securities is reflected in the Fund's net asset value.
All percentages are rounded to two decimal places.
============================== ==============================
Number of positions 122
NAV per share $6.893
Market price per share $5.973
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 450.00%
Total net assets $192,502,428
1. Percentage of total investments of the Fund. Total investments of the Fund include long-term and short-term investments and other net assets, excluding long-term debt issued by the Fund.
2. Total figures may not add up correctly due to rounding.
3. These figures are rounded to two decimal places.